VN Capital Management
26.9.2023 14:51:09 CEST | ACCESS Newswire | Press release
Thornico Holding Tender Offer Substantially Undervalues Company
GREENSBORO, NC / ACCESSWIRE / September 26, 2023 / VN Capital Management LLC, an investment advisor to a fund holding approximately 1.6% of Brødrene Hartmann common shares accumulated since 2021, opposes the recently announced delisting and subsequent tender offer.
VN Capital encourages other minority investors to vote against Brødrene Hartmann's proposed delisting at the company's extraordinary shareholder meeting to be held on Monday, October 16 and to let the Board of Directors know that Thornico Holding's DKK 300 per share offer is unacceptable and drastically undervalues the world's leading egg packaging business.
"Delisting Brødrene Hartmann's shares harms minority investors by depriving them of liquidity and is merely a mechanism designed to eventually force shareholders to sell out to the Stadil family at a cut-rate price, which is especially egregious since many of us would like to remain owners of such a thriving and world-class business.
This related party transaction creates a massive conflict of interest with the Board of Directors. Any attempt to peddle the company out from underneath its minority shareholders for pennies-on-the-dollar will be strongly opposed by us," said James Vanasek, Principal at VN Capital.
"A DKK 300 per share purchase price values the company at a multiple of only 4.9x Enterprise Value to trailing last twelve months EBITDA, the latter of which is temporarily depressed due to unprecedented cost pressures in the company's two main inputs - energy and pulp - that are now abating. Shareholders have shown patience while the company has managed through the Covid-19 pandemic, the disruption due to war in Ukraine, and energy crises afflicting Europe and expect their patience to be rewarded as Hartmann emerges from these challenges. Superlative, best-in-class businesses like Brødrene Hartmann usually trade at 8-10x EV/EBITDA and applying such a multiple to a more normalized earnings level shows that the business is worth twice as much as what the Stadil family if offering to pay for it," added Don Noone, also Principal at VN Capital.
"We have no doubt that if the tables were turned and a competing egg packaging producer offered the Stadils this low-ball price for their shares, the family would not even consider such a bargain basement offer. If the Board of Directors wishes to maximize shareholder value, they should conduct a thorough and robust sales process rather than hand the company over to the Stadils in a sweetheart deal that abandons their fiduciary obligations," said Mr. Noone.
Given this view, VN Capital is exploring all of its legal options in opposition to the proposed delisting and subsequent tender offer and VN Capital encourages other minority shareholders to reject the proposal at the extraordinary shareholder meeting.
It is important to note that a NON-VOTE is effectively a vote in favor of the delisting and tender offer. We urge shareholders who agree with VN Capital's view to not remain passive, but to actively vote NO on the proposals.
About VN Capital Management
VN Capital Management, LLC is a registered investment advisory firm located in New York, New York that was founded in 2002 by P. Donnell Noone and James T. Vanasek. The firm manages a hedge fund that holds a concentrated portfolio of small-cap equities.
About Brødrene Hartmann A/S.
Hartmann is the world's leading manufacturer of moulded-fibre egg packaging and a market-leading manufacturer of fruit packaging in South America and India. The group is also the world's largest manufacturer of technology for the production of moulded-fibre packaging. Founded in 1917, Hartmann is headquartered in Gentofte, Denmark, with a production platform consisting of 15 factories in Europe and Israel, North and South America, India and Russia (discontinuing).
FOR FURTHER INFORMATION PLEASE CONTACT:
VN Capital Management, LLC
Don Noone
+1 (336) 897-1615
pdn@vncapital.net
James Vanasek
+61 407 528 900
jtv@vncapital.net
SOURCE: VN Capital Management
View source version on accesswire.com:
https://www.accesswire.com/787240/brdrene-hartmann-as-investor-urges-shareholders-to-oppose-proposed-delisting-and-subsequent-tender-offer
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Karbon-X Expands European Compliance Market Capabilities With Spanish EU ETS Registry Account9.7.2026 16:00:00 CEST | Press release
Milestone Strengthens Karbon-X's European Regulatory Infrastructure and Expands Its Operational Capabilities Within the World's Largest Compliance Carbon Market CALGARY, AB / ACCESS Newswire / July 9, 2026 / Karbon-X Corp. (OTCQB:KARX) ("Karbon-X" or the "Company"), a vertically integrated climate solutions company operating across global carbon markets and climate infrastructure, today announced the establishment of its European Union Emissions Trading System (EU ETS) Registry Account in Spain following regulatory approval from Spain's Office for Climate Change (Oficina Española de Cambio Climático). The milestone further strengthens the Company's regulatory infrastructure in Europe and marks another step in the continued execution of its European growth strategy. Following regulatory approval, the Company's EU ETS Registry Account has been established within the Spanish section of the Union Registry. Final technical activation by the Spanish Registry (RENADE) is expected shortly, aft
Parents Are Underestimating Their Kids' Digital Lives - Especially With AI: New Family Online Safety Institute Research9.7.2026 16:00:00 CEST | Press release
Survey of 4,000+ U.S. and Australian families finds children report doing more online - from social media to generative AI - than their parents realize. WASHINGTON, D.C. / ACCESS Newswire / July 9, 2026 / The Family Online Safety Institute (FOSI) today released Beyond Borders: U.S. and Australian Families on Online Safety, Screen Use, and the Digital Lives of Kids, the fourth wave of its bi-annual Online Safety Survey. When asked whether their child had used generative AI in the past week, 27% of parents said yes. When children were asked the same question about themselves, 38% said yes, an 11-point gap. The pattern held across nearly every online activity measured, including scrolling social media (46% of parents vs. 54% of children) and posting on social media (30% vs. 38%). Fielded in spring 2026 by Ipsos with more than 4,000 parents and children ages 10-17 across the United States and Australia, the research reveals a consistent and significant gap: children report doing more onlin
Haier Europe Appoints Stagwell (STGW) as Creative Agency for the Haier Brand, Following Ingenuity+ Pitch Process9.7.2026 09:35:00 CEST | Press release
LONDON, GB / ACCESS Newswire / July 9, 2026 / Today, Haier Europe appoints Stagwell (NASDAQ:STGW), the challenger network transforming marketing through AI, as its lead creative agency for the Haier Brand, following a competitive pitch process managed by Ingenuity+. Haier strives to deliver premium appliances powered by intelligent technology, naturally designed around customers, empowering them every day as their needs evolve. Stagwell was selected to support the Haier brand through its next phase of growth, bringing its "More Creation, More Possibilities" brand payoff to life through creative communications across Europe. Coordinated by a Client Service Team based in the Italian office, Stagwell will lead creative strategy and campaign development, helping the Haier brand in Europe to translate its vision into a consumer-relevant communication platform across markets and product lines. Stagwell's digital agency, Assembly Digital Commerce, will support with content for online and e-co
Karbon-X Announces Strategic Partnership to Evaluate Kenya BioHub Initiative8.7.2026 15:00:00 CEST | Press release
Company to conduct feasibility assessment for integrated land restoration and renewable energy initiative as part of its strategy to expand its international climate project development pipeline. CALGARY, AB / ACCESS Newswire / July 8, 2026 / Karbon-X Corp. (OTCQB:KARX) ("Karbon-X" or the "Company"), a vertically integrated climate solutions company delivering end-to-end services across global carbon markets and climate infrastructure, today announced a strategic partnership with REGID International ("REGID") to jointly evaluate the Kenya BioHub Initiative, an integrated climate infrastructure program designed to restore degraded land, produce sustainable biomass, and support industrial decarbonization in Kenya. The partnership reflects Karbon-X's disciplined approach to identifying, evaluating, and selectively advancing climate infrastructure opportunities with long-term development potential as part of its strategy to expand its international project development pipeline. The Kenya B
Frame Security Launches KnowBetter as AI Reshapes Social Engineering8.7.2026 14:00:00 CEST | Press release
AI Is Rewriting the Social Engineering Playbook. Security Awareness Training Hasn't Caught Up. Organizations must KnowBetter. NEW YORK CITY, NY / ACCESS Newswire / July 8, 2026 / Security teams have spent two decades training employees to spot a familiar set of red flags: a suspicious link, a misspelled domain, an urgent request for a wire transfer. That approach is now colliding with an attacker toolkit that has changed faster than most awareness programs have. Generative AI has made it possible to clone a voice from a few seconds of audio, generate a passable deepfake video in minutes, and write a phishing email tailored to a specific employee's role, manager, and recent LinkedIn activity. Vishing calls, smishing texts, and video-based impersonation are now standard components of enterprise social engineering campaigns, not edge cases. "Most organizations are still training people to recognize threats from five years ago," said Tal Shlomo, co-founder and CEO of Frame Security, a huma
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom